Kolon Global, Hana Bank to form onshore wind power fund
Hyung-Kyu Kim
5 HOURS AGO
South Korea's Kolon Global Corp. announced on Tuesday it signed an agreement with Hana Bank, Hana Alternative Asset Management, and MDM Asset Management to establish a fund for onshore wind power development.
Kolon Global will focus on developing domestic onshore wind power projects and oversee engineering, procurement, and construction (EPC) and general engineering tasks.
Hana Bank will advise on project financing (PF) and arrange the necessary funds.
Hana Alternative Asset Management will assist in creating and funding the fund, while MDM Asset Management plans to invest through MDM Infrastructure Investment Co.
Kolon Global expects the agreement to help secure new projects and development funds, accelerating its planned developments.
The company, which holds the largest market share in wind power in South Korea with over 25% of EPC contracts, aims to increase its wind power-related dividends from 3.5 billion won ($2.62 million) in 2023 to 10 billion won in 2027 and 50 billion won by 2030.
Kolon Global plans to achieve this growth through initiatives, including green hydrogen production linked to wind farms, repowering old wind farms, and expanding into offshore wind power.